India and Maldives signed an MoU to introduce UPI, a digital payment system, in the Maldives.

India and Maldives signed an MoU to introduce UPI, a digital payment system, in the Maldives. The digital payment system allows instant real-time transactions through mobile phones and is expected to positively impact Maldives' tourism sector, contributing 30% of GDP and generating over 60% of foreign exchange. This agreement aims to reset bilateral relations between the two nations, marking the first high-level trip from India after Maldives' pro-China President assumed office last year.

August 10, 2024
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